USD/CHF drops to over one-week low, downside seems limited as traders await Fed's Powell – by hareshmenghani USDCHF Fed RiskAppetite Majors Currencies
sday. This also marks the fourth day of a negative move in the previous five and drags spot prices to over a one-week low, below mid-0.9700s during the first half of the European session.
The overnight failure to find acceptance above mid-0.9800s turns out to be a key factor prompting some technical selling around the USD/CHF pair. A subduedprice action also does little to lend any support. That said, the ongoing downfall lacks any obvious fundamental catalyst and is more likely to remain limited, at least for the time being.
Expectations that the Federal Reserve will stick to its aggressive policy tightening path should act as a tailwind for the buck and lend some support to the USD/CHF pair. This makes it prudent to wait for strong follow-through selling before confirming that the recent bullish momentum witnessed over the past month or so has run out of steam already.Chair Jerome Powell's speech, due later during the early North American session.
This, in turn, will play a key role in influencing the USD price dynamics and provide a fresh impetus to the pair. Apart from this, the broader market risk sentiment could drive demand for the safe-haven Swiss franc and further contribute to producing short-term trading opportunities around the major.
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